King Modi botched up, demonetisation made India suffer

POOL New Reuters

Christy Curtis
|
02 September, 2017, 01:35

"We had an idea that the bulk of the money would come back but the present 99 percent is a surprise for most of us", he said.

India's finance ministry says it is probing 1.8 million bank accounts where cash inflows during the demonetization period "did not appear in line with its tax profile", meaning it can expect some belated tax payments.

A raft of economic data since the note ban decision have signalled that $2 trillion economy was hurt by the cash clampdown, raising fears that the economic growth would stall.

Sharma also asked the government to release manufacturing and IIP numbers as per old and new series.

Indian Prime Minister Narendra Modi plans to reshuffle his cabinet over the next two days and some mid-level ministers have offered to quit to pave the way for changes, sources in the party and aides to the ministers said.

Jaitley questioned the knowledge on black money and its relation with the demonetised currency adding that the demonetisation's objective was also to create a digital economy and India was moving in the right direction.

The idea was to make it hard for hoarders of undeclared wealth, known in India as "black money", to exchange their undeclared cash for legal tender.

Congress leader Anand Sharma on Thursday hit out at the Narendra Modi government over demonetisation, demanding the Centre to come out with a white paper on the economy, ANIreported. "So more tax payers, bigger tax base, both in direct and indirect tax, more digitisation, lesser cash in the system, integration of the formal with the informal economy. The economist deserves a Nobel Prize!" On the Goods and Services Tax (GST), Jaitley said its inflationary impact has been avoided and there is a scope of convergence of tax rates going forward. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.

But according to the RBIreport, Rs 15.28 lakh crore out of the Rs 15.44 lakh crore in the currency that was ceased to be legal tender on November 8, 2016, has come back into the Indian banking system. "The Reserve Bank figures yesterday exposed the falsehood propagated by the government", he said. Instead of that new Rs, 2000 notes rolled out into the market.

However, at that time when people on the streets were complaining about the difficulties they were facing due to cash crunch in the wake of scrapping of Rs 500 and Rs 1,000 currency notes by Modi regime, Singh chose to come out from his self-imposed exile and spoke eloquently on the subject.

"Some people had expected a very large shock to economic growth on account of demonetisation", the statement read. "Now the prime minister should explain where is that black money", he said.

The RBI annual report said that "subject to future corrections based on verification process when completed, " the estimated value of the banned notes it "received" was Rs15,28,000 crore.

Pointing to the government's claim that demonetisation would be an assault on finances of terrorists and Maoists, he said post-demonetisation there were 36 major terror incidents in Jammu and Kashmir alone and 58 Army personnel and 36 civilians lost their lives.

Interestingly, RBI's annual report shows a spike in the number of so-called suspicious transaction reports filed by banks, financial institutions and intermediaries.

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